Exempt property is property that is protected by law from the claims of creditors.  However, if exempt property has been pledged to secure a debt or is otherwise encumbered by a valid lien or mortgage, the lien or mortgage holder may claim the exempt property by foreclosing upon or otherwise enforcing the creditor’s lien or mortgage.  In bankruptcy cases property may be exempt under either state or federal law.  Exempt property typically includes all or a portion of a person’s unpaid wages, home equity, household furniture, and personal effects.  Determining what property of yours is exempt is another key part of the services rendered by Attorney Richard Bolger. Schedule an appointment to see how you would be affected by the filing of a bankruptcy petition.